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CEAT Received Penalty Over INR 19 cr from Tax Authorities
CEAT has received GST demand and penalties for delay in reflection of input tax credit to the credit ledger. CEAT has shown uncertainty over the overall impact on its financial and operational activities.
CEAT, the leading tyre brand has received the GST demand and penalties from the tax authorities in Maharashtra and Vadodara, summing up to over INR 19 crore. CEAT has been issued an order by the Additional Commissioner, CGST and Central Excise for an interest of INR 3.27 crore along with a penalty of INR 13.68 crore for delay in reflection of input tax credit to the credit ledger. In a regulatory filing, CEAT Ltd stated the reason for delay was due to technical issues of TRAN-1 return.
One more scenario, in which Deputy Commissioner of State Tax, Maharashtra has issued an order of INR 22 lakhs and interest of INR 26 lakhs, along with penalty of INR 2 lakhs on account of reversal of input tax credit on non-payment of tax by suppliers. "Interest of INR 1.59 crore is also levied towards the delay in reflection of Input Tax Credit to the credit ledger, caused due to technical issue of TRAN-1 return,” stated CEAT. Active analyses on both the issues have been taken care of by CEAT.
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